Rare Vashon investment and development opportunity! This established 5-unit multifamily property offers immediate income with future upside. The versatile mix includes a studio, two 2BR/1BA and two 3BR/1BA apartments with a history of strong occupancy. Current rents have intentionally been maintained below estimated fair-market levels, offering potential for increased rental income over time. Most units include a private washer & dryer and four units include fireplaces. The building has a newly installed roof, a significant infrastructure upgrade. The .75-acre R12-zoned parcel includes 6 water shares-an exceptional asset for future possibilities. Even more compelling, two contiguous R12SO-zoned parcels are also available, together offering 6 additional water shares. Acquisition of all three properties creates a rare assemblage opportunity with 12 total water shares, existing multifamily income and significant potential for a larger development vision. Explore the possibilities while benefiting from income already in place. Buyer to verify zoning, water availability, development potential and all intended uses. Please respect tenant privacy; no interior access without confirmed appointment.